SHANGHAI, Jul. 17 (SMM) – LME aluminum will rise to $ 1,700-1,740 per tonne next week, Shanghai Metals Market foresees.
KDJ and MACD are pointing upward, and short-term moving averages also sent positive signals. However, a strong US dollar will limit the upside room for LME aluminum.
Rumors over aluminum smelter production cuts in China are to be tested, and selling pressure at highs will be strong. So, SHFE 1509 aluminum contract should be checked between 12,450-12,600 yuan per tonne.
In China’s spot market, eagerness to sell and no demand turnaround will keep spot discounts high at 60-100 yuan per tonne over SHFE 1508 contract.
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